a prestigious United States-owned, offshore life insurance company.

It was announced yesterday that Bermuda Life Insurance Company Ltd. -- a wholly owned subsidiary of the Argus Group -- bought New York Life Worldwide (Bermuda) Ltd. for an undisclosed sum, effective from January 1 this year.

And Argus bosses disclosed the friendly merger would permit it to invest more resources in developing new products.

Both parties issued statements last night welcoming the buy-out.

Argus chief executive Gerald Simons said the move reflected the group's mission to seek new opportunities around the globe.

And he credited Crown World Services Ltd. for its support.

"This acquisition supports the strategic direction of the Argus Group in expanding into international markets.

"Crown World Service Ltd., with whom we have developed a close relationship to market variable life and annuity products to high net worth individuals worldwide, introduced us to this opportunity and has lent its support during the negotiating process.

"The company name will change to Bermuda Life Worldwide Limited and, with Crown, it will develop new variable life products.'' New York Life International chief executive Gary Benanav said his company was keen to be able to focus on other markets.

Argus buys NY Life unit "The Argus Group is a recognised leader in the Bermuda domestic insurance market and has an outstanding reputation for client service and fiscal responsibility.

"Although we recognise the significant growth potential in Bermuda, the divestiture of our Bermuda business will enable us to re-deploy our resources to other international markets where we wish to enhance our market share.'' And Crown World Services Ltd. chairman Peter Burnim insisted the market would benefit from the move.

He said: "This acquisition complements our strategic joint venture with Bermuda Life by strengthening the resources we have assembled to serve the world citizen market.

"Crown and Bermuda Life have developed leading-edge products for this unique market and Bermuda Life's acquisition is a key element in serving that market.''